Mark Kleinman: My bold predictions for 2023 in the City – from Natwest to Spurs January 11, 2023 After the political and economic events of 2022, the idea of being able to predict anything with confidence seems even more outlandish than usual. Nevertheless, with the UK economy precariously balanced less than two years before a general election, these seem – in early January – to be sensible bets for UK plc in 2023. [...]
FTSE 100 close: JD Sports springs London flagship index to 2018 high January 11, 2023 London’s FTSE 100 index leapt to its highest level since 2018 in afternoon exchanges in the City today after a series of strong retailer earnings signalled the UK consumer is holding up well amid the cost of living crunch. The FTSE 100 index climbed 0.99 per cent to 7,770 points, while the domestically-focused mid-cap FTSE [...]
Sainsbury’s: Expected profits up as food shoppers splash Christmas cash but Argos bears brunt of cost of living crisis January 11, 2023 Sainsbury’s cashed in on Christmas shopping with retail sales up more than five per cent, as the supermarket giant expects its profit to be at the “upper end” of guidance. The major retailer now expects to be making close to £700m in pre-tax profit this March, despite the cost of living crisis weighing down consumer [...]
JD Sports expects pre-tax profits to top £1bn following Christmas surge January 11, 2023 JD Sports expects to post pre-tax profits of more than £1bn for the year ending on 3 February 2023 after it recorded a Christmas sales surge. The sportswear retailer said a strong performance in the second half of 2022, driven by a surge in sales over Christmas, will see it achieve its financial goals. The [...]
Stop blaming lazy landlords for empty shops and look for the cause not the symptom January 11, 2023 We're blaming landlords for empty high streets because we're too scared to look at the real problem underneath, the falling incomes across the country putting retail in a binds, writes Dominic Curran.
Petrol price plummets to below 150p for first time since Russia invaded Ukraine January 10, 2023 The average price of petrol has fallen below 150p per litre for the first time in more than 10 months. Figures from data company Experian show the average price of a litre of the fuel at UK forecourts on Monday was 149.7p. The reduction of nearly 42p from the record high of 191.5p in July last year, [...]
AO World ‘cautiously optimistic as moves to slash costs helped lift profit expectations January 10, 2023 AO World has said it is “cautiously optimistic” as the online electricals retailer revealed that moves to slash costs have helped the firm’s profits surpass expectations. Last year, the Bolton-based company closed its loss-making German business and launched actions designed to save at least £30 million a year by 2023-24, including axing a raft of senior and [...]
Majestic: Brits taste for champagne and sparkling wine in December boosts sales with second-largest festive intake ever January 10, 2023 Brits guzzled down 20 per cent more wine at Christmas than before Covid, as Majestic posted its second-highest festive intake in 40 years. The UK’s largest specialist retailer, Majestic Wine, raked in a sales increase of 21.1 per cent against 2019, with English sparkling wine proving particularly popular. Majestic reported that sales rose 0.2 per [...]
Inflation wipes out Christmas sales as Britain stumbles toward recession January 10, 2023 Inflation is forcing Brits to rein in spending to shield their finances, prompting experts today to warn of a rise in high street bankruptcies as the country stumbles into a recession. Retail sales fell in real terms over the Christmas period, when consumers tend to splash the cash on food, new clothes and decorations, according [...]
Jaguar Land Rover’s sales to retailers surge as semiconductor shortages ease January 9, 2023 Jaguar Land Rover today reported a surge in the number of sales to retailers, as the semiconductor shortages that have plagued the automotive industry for the past three years begin to ease. The luxury car maker produced 79,591 vehicles in the three months to 31 December, 15 per cent up on last year’s levels. Wholesale [...]